Gov. Gavin Newsom and the Legislature announced Monday that they have agreed to place an $11.25 billion affordable housing and homeownership bond on the November ballot.

The Veterans and Affordable Housing Bond Act of 2026  would fast-track the construction, rehabilitation, and preservation of affordable housing, support homeownership programs, and provide funding for a variety of state housing initiatives, proponents said.

The bond is expected to help more than 40,000 Californians buy a home by providing down payment help, affordable mortgages, and other support.

“Today’s agreement builds on our work with the Legislature to expand opportunity and make homeownership and affordable housing more attainable for Californians,” Newsom said in a statement.

“Through this historic bond, we’re giving voters the opportunity to help more Californians achieve homeownership, expand access to affordable housing, and give more families a real shot at the California Dream.”

Assistance for Veterans, Farmworkers, Homeless

The bond would fund affordable housing and homeownership programs — including assistance for veterans, middle- and lower-income households, and interim and supportive housing for unhoused residents.

In addition, the bond includes funding to support veterans’ homeownership, affordable rental housing, homeownership assistance, farmworker housing, housing and infrastructure for tribal communities, student housing, and other state housing programs.

“We’ve cut red tape, fast-tracked construction, protected renters. And now, we’re going bigger: $11.25 billion for affordable housing to expand homeownership for veterans and working families, drive down costs and prove that the door to opportunity is open to everyone,” said Assembly Speaker Robert Rivas, D-Hollister.

Key Provisions of SB 417

The Veterans and Affordable Housing Bond Act of 2026 (Senate Bill 417) includes:

• $1.25 billion in self-supporting revenue bonds for the CalVet Home Loan Program, expected to help veterans and military families achieve homeownership. These bonds do not rely on taxpayer funding.
• $10 billion in voter-approved general obligation bonds to finance the construction, rehabilitation, acquisition and preservation of affordable housing for lower-income residents.
• Investments in the Multifamily Housing Program, the state’s flagship affordable housing program.
• Targeted investments to expand affordable housing and homeownership opportunities for Californians with the greatest housing needs.
• Tens of thousands of high-paying construction jobs.